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Romania Economy 2017
http://www.theodora.com/wfbcurrent/romania/romania_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Romania Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Romania, which joined the EU on 1 January 2007, began the transition from communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate the business environment.In the aftermath of the global financial crisis, Romania signed a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary standby agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability; no funds were drawn. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on standby agreement, worth $5.4 billion, to continue with reforms. This agreement expired in September 2015, and no funds were drawn. Progress on structural reforms has been uneven, and the economy still is vulnerable to external shocks.Economic growth rebounded in 2013-15, driven by strong industrial exports and excellent agricultural harvests, and the fiscal deficit was reduced substantially. Industry outperformed other sectors of the economy in 2015. Exports remained an engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. Domestic demand was a second driver, due to the mid-2015 cut, from 24% to 9%, of the VAT levied upon foodstuffs. In 2015, the government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, even if it rose due to increasing imports. For the first time since 1989, inflation turned into deflation, allowing for a gradual loosening of monetary policy throughout the period.An aging population, significant tax evasion, insufficient health care, and an aggressive loosening of the fiscal package jeopardize the low fiscal deficit and public debt and are the economy's top vulnerabilities.

GDP (purchasing power parity):
$441 billion (2016 est.) $420.2 billion (2015 est.) $405 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 44
[see also: GDP country ranks ]

GDP (official exchange rate):
$186.5 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5% (2016 est.) 3.8% (2015 est.) 3% (2014 est.)
country comparison to the world: 37
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$22,300 (2016 est.) $21,100 (2015 est.) $20,300 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 83
[see also: GDP - per capita country ranks ]

Gross national saving:
23% of GDP (2016 est.) 24.4% of GDP (2015 est.) 24.8% of GDP (2014 est.)
country comparison to the world: 60
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 69.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.7%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 25.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 40.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -42.5% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 61.3% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, corn, barley, sugar beets, sunflower seed, potatoes, grapes; eggs, sheep

Industries:
electric machinery and equipment, auto assembly, textiles and footwear, light machinery, metallurgy, chemicals, food processing, petroleum refining, mining, timber, construction materials

Industrial production growth rate:
2% (2016 est.)
country comparison to the world: 110
[see also: Industrial production growth rate country ranks ]

Labor force:
9.133 million (2016 est.)
country comparison to the world: 54
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 28.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 28.9%
[see also: Labor force - by occupation - industry country ranks ]
services: 42.8% (2014)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2016 est.) 6.8% (2015 est.)
country comparison to the world: 76
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.4% (2012 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 15.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 7.6% (2014 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
27.3 (2012) 28.2 (2010)
country comparison to the world: 132
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $56.84 billion
[see also: Budget revenues country ranks ]
expenditures: $62.14 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
30.5% of GDP (2016 est.)
country comparison to the world: 77
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2016 est.)
country comparison to the world: 95
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.3% of GDP (2016 est.) 38.4% of GDP (2015 est.)
note: defined by the EU's Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year in the following categories of government liabilities: currency and deposits, securities other than shares excluding f
country comparison to the world: 121
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-1.1% (2016 est.) -0.6% (2015 est.)
country comparison to the world: 4
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
1.75% (31 December 2015) 2.75% (31 December 2014)
country comparison to the world: 118
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2016 est.) 6.77% (31 December 2015 est.)
country comparison to the world: 125
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$30.67 billion (31 December 2016 est.) $36.06 billion (31 December 2015 est.)
country comparison to the world: 62
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$71.58 billion (31 December 2015 est.) $78.18 billion (31 December 2014 est.)
country comparison to the world: 60
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$65.93 billion (31 December 2016 est.) $64.47 billion (31 December 2015 est.)
country comparison to the world: 60
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$36.5 billion (31 December 2015 est.) $41.04 billion (31 December 2014 est.) $42.59 billion (31 December 2013 est.)
country comparison to the world: 59
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.733 billion (2016 est.) -$2.032 billion (2015 est.)
country comparison to the world: 165
[see also: Current account balance country ranks ]

Exports:
$56.03 billion (2016 est.) $54.52 billion (2015 est.)
country comparison to the world: 46
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, other manufactured goods, agricultural products and foodstuffs, metals and metal products, chemicals, minerals and fuels, raw materials

Exports - partners:
Germany 19.8%, Italy 12.5%, France 6.8%, Hungary 5.4%, UK 4.4% (2015)

Imports:
$66.45 billion (2016 est.) $63.12 billion (2015 est.)
country comparison to the world: 40
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, other manufactured goods, chemicals, agricultural products and foodstuffs, fuels and minerals, metals and metal products, raw materials

Imports - partners:
Germany 19.8%, Italy 10.9%, Hungary 8%, France 5.6%, Poland 4.9%, China 4.6%, Netherlands 4% (2015)

Reserves of foreign exchange and gold:
$39.86 billion (31 December 2016 est.) $38.71 billion (31 December 2015 est.)
country comparison to the world: 42
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$101.4 billion (31 December 2016 est.) $102.6 billion (31 December 2015 est.)
country comparison to the world: 48
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$76.41 billion (31 December 2016 est.) $72.21 billion (31 December 2015 est.)
country comparison to the world: 50
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$4.018 billion (31 December 2016 est.) $3.618 billion (31 December 2015 est.)
country comparison to the world: 73
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
lei (RON) per US dollar - 4.15 (2016 est.) 4.0057 (2015 est.) 4.0057 (2014 est.) 3.3492 (2013 est.) 3.47 (2012 est.)


NOTE: The information regarding Romania on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Romania Economy 2017 information contained here. All suggestions for corrections of any errors about Romania Economy 2017 should be addressed to the CIA.




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